• Is it realistic to expect Filecoin to break through $100 in the near future?

  • While the broader crypto market has been mainly uncertain over the last month, a few less-well-known alts have managed to stand out and make their presence known. Filecoin, the 25th-ranked cryptocurrency, was undoubtedly one of them. According to Messari data, the value of this alt has increased by 62.54 percent in the last month.

    THIS was the catalyst for the upsurge.

    Filecoin started rallying on July 21st, but it wasn’t until August 6th that the pace picked up dramatically. Apart from obtaining appropriate cooperation from Bitcoin’s price movement, its collaboration with Chainlink’s oracle protocol was the primary driver.

    The initiative indicated above would aid in the creation of hybrid smart contracts. Chainlink’s decentralized oracles will be integrated with Filecoin’s decentralized storage in a single application to accomplish this. The dual architecture will also give Filecoin’s blockchain network more on-chain and off-chain oracle capabilities.

    Despite the fact that the aforementioned trend has helped the alt attain local highs, it should be remembered that FIL’s present valuation ($78.9) is a long way from its April high ($235) set earlier this year.

    So, will the uptick be temporary?

    It’s not going to happen. FIL’s analytics have recently been rather remarkable, in addition to performing well on the price charts. Take, for example, the development activity. Filecoin currently has 154 repositories on Github. A repository stores all of a project’s files, as well as their revision history.

    The Index Reference Provider repository, for example, was only updated 7 minutes ago at the time of writing. This is a sign that developers and other members of the community are actively working on the project.

    Furthermore, since joining the Grayscale Trust bandwagon in March of this year, this altcoin has grown in popularity even more. Its pricing was also influenced in a beneficial way. The Grayscale FIL Trust currently has $5.5 million in assets under management.

    In fact, the increases on Filecoin’s stock have been quite impressive over the last month (72.85 percent ). Surprisingly, this was larger than the amount FIL was able to collect from its HODLers in alone. As demand from investors seeking indirect exposure to this alt continues to climb in the coming days, FIL’s valuation is expected to rise as well.

    Traders having direct exposure to FIL, for the most part, have been optimistic in recent months. The data on financing rates reaffirmed this. It had positive values at the time of writing, reaching as high as 0.1 percent on ByBit and 0.07 percent on Binance. At press time, FIL’s open interest (OI) was at a three-month high, indicating an increase in the amount of money flowing into this alternative’s market.

    Aside from the futures market, spot market volumes have also increased. At the time of publication, they were hovering around the $1 billion mark.

    At the moment, almost all of Filecoin’s stats tell a bullish story. As a result, if the aforementioned parameters continue to trend in the same way, FIL’s price is likely to rise and break over psychological barriers, such as $100, in the next days.

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